Retirement Pensions Increase by $40

QUITO – The retirement pensions for the elderly in Ecuador have been approved to increase by $40 today by the Social Security Institute of Ecuador (IESS).

Ramiro González, Chairman of the Board of IESS, reported on Monday that an increase of $40 was made to the retirees. The increase will be paid retroactively from January 2010. This resolution comes after several meetings between members of the Board of IESS and the Confederation of Pensioners of Ecuador, the Andes News Agency informs.

González affirmed this is made in order to increase pension with no political ends, in a “proper way”. “The only thing we’re looking for is for this to be approved as soon as possible so we can proceed to pay.” he added.

“We have worked together with the Union in order to determine the increasing of the pensions so it is appropriate and sustainable over time” González said.

According to the Chairman of the Board, this change is going to help around 271,000 people. The budget to cover Retirement Pensions nowadays is $680 million dollars.